Over the past decade, Elk Grove Village has experienced slight fluctuations in its population, with a general trend of modest decline from 35,107 in 2015 to 34,043 in 2022. The median income has shown a significant increase from $81,486 in 2015 to $91,813 in 2022, suggesting an overall improvement in the economic status of residents.

The racial composition of Elk Grove Village has undergone changes in recent years. The white population has decreased from 75% in 2015 to 68% in 2022, while the Hispanic population has increased from 11% to 16% during the same period. The Asian population has remained relatively stable, fluctuating between 9% and 12% over the decade.

These demographic shifts, particularly the rising median income, may partly explain why no new LIHTC projects have been developed in the city in recent years. However, the growing diversity in the population might indicate potential future needs for affordable housing that cater to various cultural backgrounds.

Elk Grove Village's LIHTC-funded affordable housing inventory, while modest in size, has been a consistent part of the community for over two decades. The single project, focusing on senior housing, reflects a specific need within the community. Despite demographic changes and increasing median income, the existing affordable housing continues to play a role in the city's housing landscape. As the city's population diversifies, there may be opportunities to reassess affordable housing needs in the future.